Despite the U.S. Congress being in recess until September, a senator leading the legislation on digital asset market structure has indicated that the bill is expected to gain bipartisan support.

At a blockchain seminar held in Wyoming on Tuesday, Senate Banking Committee Chairman Tim Scott noted that following the passage of the GENIUS Act, he anticipates some Democrats will join Republicans in advancing the Digital Asset Market Clarification Act (CLARITY Act).

The South Carolina senator revealed that he has begun reaching out to Democrats outside the Banking Committee to provide them with "political cover" for voting in favor of the bill.

"The GENIUS Act received support from 18 Democrats," Scott emphasized. "I believe there will be at least 12 to 18 Democrats willing to consider voting in support of the market structure bill, although this is a much more complex piece of legislation, and the opposition is a significant hurdle that needs to be overcome."

Before the House passed the CLARITY Act on July 17, Scott had stated that the Banking Committee plans to pass its version of the digital asset market structure bill "by the end of September."

The Senate bill draft released in July, tentatively named the Responsible Financial Innovation Act, is described by Republican leadership as "based on" the CLARITY Act, but it may differ from the House version.

With a three-seat majority in the Senate, Republicans will likely need some Democratic support to pass the cryptocurrency market structure legislation. In addition to Scott's remarks at the Wyoming seminar, senior Banking Committee member Senator Elizabeth Warren also expressed her views on the CLARITY Act during the congressional recess.

In an interview on August 10, Warren pointed out, "We do need crypto regulation, but we don't need regulation written by the crypto industry… What we need is regulation that can limit corruption and restrict elected officials' ability to trade cryptocurrencies, while also limiting the potential for cryptocurrencies to undermine the economy."

In July, over 70 House Democrats voted alongside Republicans to pass the CLARITY Act, indicating that Senate bipartisan members may consider supporting the bill. The Senate is scheduled to end its recess on September 2.

Related: Bitcoin (BTC) price movements have yet to fully reflect expectations ahead of Trump's announcement of a new Federal Reserve Chair.

Original: “Key Republican Senator Expects Democrats to Support U.S. Crypto Market Structure Bill”

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